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Indian oil refiner invests in biofuels
2nd May, 2008
The joint venture will extract biodiesel from karanj and jatropha plantations in the northern state of Uttar Pradesh
The company will partner Mumbai-based firm Shapoorji Pallonji and southern India-based Nandan Biomatrix to extract biodiesel from jatropha and karanj plantations in the northern state of Uttar Pradesh.
'Extracts from the seeds of these plants are to be used to produce oil that will eventually replace approximately 1 million tonnes of diesel,' Bharat Petroleum said in a statement.
The joint venture would build 10 biodiesel producing units over the next 10 years.
Indian oil firms are diversifying into production of alternative or green fuels to reduce dependence on imported crude oil, which has hit record highs.
